Market turns bearish: PSX falls nearly 500 points

The Pakistan Stock Exchange (PSX) witnessed a bearish start on Thursday, with the benchmark KSE-100 Index shedding nearly 500 points in early trading.

By 10:50am, the index stood at 168,982.45, down 469.41 points or 0.28%.

Selling pressure was noted across major sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration, OMCs, power generation, and refineries. Several heavyweight stocks, such as HUBCO, MARI, POL, SNGPL, SSGC, HBL, MCB, MEBL, and NBP, were trading in negative territory.

On Wednesday, the PSX had closed flat after briefly crossing the 170,000 mark before retreating due to profit-taking. The benchmark index ended the session at 169,451.86, down 4.52 points.

Meanwhile, the Pakistani rupee appreciated against the US dollar during early trading in the inter-bank market on Thursday. At 10am, the currency was recorded at 280.17, strengthening by Rs0.20 or 0.07% against the greenback.

US bank approves $1.25 billion assistance for Reko Diq mining project

The US Export–Import Bank has approved $1.25 billion in financial assistance for Pakistan’s major mineral project, Reko Diq, a development being considered a significant boost for the country’s economy. In a statement posted on social media platform X on Wednesday, the US Embassy said that this new financial support would help promote economic development in Balochistan through a strengthened partnership between Pakistan and the United States. Reko Diq is an important project located in Balochistan, comprising vast copper and gold reserves and considered among the world’s largest mineral deposits. The project is a joint venture: 50% owned by Canada’s Barrick […]

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